Joseph Dowling was appointed global head of Blackstone's $81 billion hedge fund unit — Blackstone Alternative Asset Management — after John McCormick told the firm that he will leave.
Mr. McCormick's departure was confirmed by spokeswoman Paula Chirhart in an email Tuesday.
Messrs. Dowling and McCormick were named co-heads of the unit after Mr. Dowling joined BAAM on Jan. 12. Mr. Dowling was chairman of Brown University's investment office prior to joining Blackstone.
At the time Mr. Dowling joined the firm, the duties of running BAAM were divided with Mr. Dowling overseeing the unit's investments while Mr. McCormick, who had been global head of BAAM, retained responsibility for the business and investor functions of the unit.
Mr. Dowling will now handle both roles.
Mr. McCormick will "stay on as needed to ensure a smooth transition in the next few months," Ms. Chirhart said.
Mr. McCormick could not be reached for information about his plans.